Cole is playing more of a straight man, but I don't think that's a good thing. He's a natural heel and he's excellent on the mic. WWE would have done well to have made him The Miz's manager when he was still red-hot. WWE should still consider moving Cole out of commentary and into managing. He'd be a great mouthpiece for Swagger/Tensai/whomever. The guy's a natural heel, and he might be as good as Vicky at generating heat.
The Michael Cole situation is emblematic of the problem with the current WWE. He's a natural heel manager, and he'd probably be great at but the front office prefers him as an announcer. 15 years ago, Cole would have been moved from behind the announce table to the ringside. The crowd desperately wants to turn Daniel Bryan face, John Cena heel, and Zack Ryder was turning into a cash cow. I can understand milking a turn, but you have to give the fans a payoff when they want something. Make Cole a manager, bring back Joey Styles behind the mic (because I assume JR is out of the picture, even though that's who the fans *really* want.)
Off topic:
Smackdown really should have its own distinct announce team again. Frankly, I cannot fathom why, assuming JR is well enough to do RAW, JR + King aren't reunited behind the table. Let Styles + Booker T do Smackdown (I'd prefer Striker/Foley/Piper/Regal/ someone else to Booker, but let's not get too excited.) Most of all, let the announcers announce.